Hey everyone, just wanted to jump in quickly to clarify a few things.
First off, yes, the ETH price has dropped quite a bit since the time those numbers were written. From roughly $4.5k down to around $3.2k, so that’s close to a 25–30% swing. that alone explains a big part of the change you see in TVL when it’s expressed in USD.
Second, on the bigger picture: TVL growth for Obol doesn’t move linearly. it usually comes in large jumps whenever new insto clusters or integrations go live. After each of these jumps, things tend to look “flat” for a bit, simply because the next big batch of stake is being prepared, tested, or committed but not yet activated on mainnet.
If you zoom out, you’ll see the long-term curve continues to look really strong. what’s visible on DeFiLlama today is only part of the story, and we’re also backfilling historical data there so people can see how much it’s actually grown over the past year. Once that’s live, the exponential trend will be much clearer.
In ETH terms, we’ve seen very limited exits. Just a few technical withdrawals, nothing structural. Participation remains high and growing.
So yes, short-term fluctuations in USD-denominated TVL are mostly a reflection of ETH price and data timing, not fundamentals. Zooming out, the direction of travel is clear: TVL and adoption are snowballing, and we’re only just getting started.